The General Authority for Investment and Free Zones (GAFI) and Crédit Agricole Egypt recently signed a memorandum of understanding (MoU) to support GAFI’s strategy of attracting foreign direct investments to Egypt. The signing ceremony, attended by high-level officials from both entities, marked an important step in fostering economic growth.
Hossam Heiba, CEO of GAFI, highlighted the significance of collaborating with Crédit Agricole Egypt. The bank plays a crucial role in attracting foreign investors to Egypt through Crédit Agricole Group’s extensive international network, which serves individuals and investors in 46 countries worldwide. This collaboration aligns perfectly with the Egyptian government’s plan to increase European investments, with the Egypt-EU Joint Investment Conference scheduled for the end of this fiscal year.
Under the MoU, Crédit Agricole Egypt will continue its efforts to introduce global clients, supporting business opportunities in Egypt. The bank’s role includes facilitating communication between GAFI and its global clients. Additionally, Crédit Agricole Egypt will assist GAFI in organising meetings with clients abroad who are interested in Egypt’s growing business potential. This potential is driven by factors such as economic diversification, strategic location, a vast consumer market, and national mega-projects like the New Administrative Capital and the Suez Canal Economic Zone.
GAFI, in turn, will provide foreign investors with comprehensive information on investment opportunities in Egypt, focusing on priority target sectors aligned with the government’s plan. Heiba emphasized the government’s belief in the vital role financial institutions play in stimulating investment across various sectors, contributing to a more sustainable business environment in Egypt.
Jean-Pierre Trinelle, Managing Director of Crédit Agricole Egypt, expressed the bank’s commitment to sustaining closer cooperation with GAFI. Their joint efforts aim to accelerate economic development, attract more FDIs, and bring additional global clients to Egypt.
